Getting Started: Coinbase and Binance Purchasing Instructions
There are several ways to buy bitcoin as a newbie, but Coinbase is arguably one of the easiest and safest ways out there. This article explains how to buy Bitcoin on Coinbase using your credit or debit card, and how to transfer your purchase to Binance to trade several other altcoins.
Coinbase is an online exchange. In plain terms, this means they allow you buy cryptocurrencies (Bitcoin, Bitcoin Cash, Litecoin, and Ethereum) using fiat currency. They’ve been around since 2012 and they have a remarkable user base of over 10 million. Let’s get started:
To create an account on Coinbase and start buying Bitcoin or any of the other 3 listed cryptos, you need a valid photo ID, and a bank credit card (CC).
- Visit Coinbase website and signup. It is wise to use a secured password.
- Open the payment options page and select ‘Add Payment Method’ at the top of the page
- Select the ‘Credit/Debit Card option’. At this point you will be required to verify your ID if you are yet to do it
- Enter your card details and billing address (if applicable)
- Your card will be billed of a small fee to verify your identity
- Enter the billed amounts into space provided
- And that’s all, you can now buy or sell cryptos, anytime
- Click on the ‘Buy/Sell’ tab at the top of the page
- Enter the amount of Bitcoin you wish to buy
- Select your card on the payment method drop down menu
- Confirm your order by clicking “Complete Buy”
- Ideally your bitcoin should reflect in your account in few minutes, but recently, this could take an hour or two.
Bonus Tip #1: As part of government regulation process, exchanges and trading platforms are now required to comply with “Know Your Customer (KYC) and Anti-Money Laundering laws”. So, do not be surprised with Coinbase or Binance asking for a means of identification.
Coinbase is a good way to start because of its ease of use, but if you are looking at getting deeper into crypto trading, then you’ll need a trading platform. For this reason, I recommend Binance. You have probably heard about people talking about Verge, Neo, Wabi, Ripple, Dash, and many others. All these and many more can be found on Binance. To get started on Binance do the following:
- Go to Binance website and complete the sign-up process
- Enable 2FA (two-factor authentication)
- Now, deposit the Bitcoins bought on Coinbase to Binance. To do this,
- Log in to Coinbase
- Click on the ‘Accounts’ tab
- Click ‘Send’
- Now go to Binance, select deposit under the ‘Fund’ tab
- Copy your Bitcoin deposit address on Binance
- Paste it in Coinbase
- Click ‘Continue’
- And you are ready to start trading
Bonus Tip #2: There have been cases of exchanges being hacked. The safest way to store your coins is by using a paper or hardware wallet. But this may not be really important if you don’t have so much at stake.